- XRP surged 14% as large holders accumulated 2.82B coins, signaling rising investor confidence and bullish momentum.
- Network activity spiked sixfold in March, boosting adoption and transaction volumes, and reinforcing the uptrend.
- A recurring double bottom pattern and ascending triangle suggest XRP may follow historical bullish breakouts.
XRP broke away from the broader altcoin market, appreciating 14% and breaking above the resistance level of $2.50 for the first time in 12 days. Major addresses with more than 1 million XRP currently possess 46.4 billion coins, according to Santiment. Over the last two months, these addresses have increased their balances by 6.5% and added 2.82 billion more XRP. Accumulation reflects the growing confidence of large investors and fuels bullish momentum.
Increasing Network Activity Boosts Market Sentiment
Besides strong accumulation, XRP’s network activity has skyrocketed. Unique wallet interactions surged approximately sixfold in March compared to January and February. Consequently, this sharp rise suggests growing adoption and higher transaction volumes.
Moreover, trading volume has exploded, reflecting increased market participation. Large activity spikes are concurrent with price action, reflecting a high correlation between investor activity and value appreciation. The dotted trendline verifies persistent accumulation patterns over time. Therefore, large transactions and network participation support the bullish perspective.
Technical Analysis Shows a Recurring Bullish Pattern
Analyst Amonyx displays a recurring double-bottom pattern, a historically bullish indicator. Between 2014 and 2017, a similar pattern led to a major breakout, triggering a substantial price increase. This movement, marked as “1” was followed by a second surge, labeled as “2.”
More recently, from 2018 to 2024, XRP formed an ascending triangle combined with another double bottom. The price consistently respected the trendline, leading to an eventual breakout above the resistance zone. Consequently, this suggests a continuation of historical patterns, supporting further bullish movements.
Moreover, the breakout level, marked as “X” in the chart, highlights where price action turned upward. The growing number of wallets with significant holdings suggests increased concentration among key stakeholders. This accumulation trend often precedes further price increases, reinforcing positive sentiment.
